USD/CAD: bulls took a pause

USD/CAD: bulls took a pause

Recommendation:

BUY 1.2595

SL 1.2540

TP1 1.2790 TP2 1.3240

On the daily chart, bulls manage to stay above support at 1.2460 and renew October low. As a result, the odds of the pair reaching 88.6% target of the inverted “Shark” pattern increased. It’s situated near 1.3240.

CAD.png 

On H1, USD/CAD broke above the upper border of the 1.2440-1.2555 consolidation range. This allowed bulls to form long positions. To continue the rally towards 224% target of AB=CD pattern, bulls need to keep the pair outside of the triangle.

CAD2.png

 

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